Have you considered a Managed Service Provider?

The contingent talent landscape is ever-changing, meaning that challenges can arise quickly and result in serious business inefficiencies and penalties. These challenges can hinder both your operations and costs. 

The following challenges may be affecting your organisation’s contingent talent landscape

Ask yourself: 

If you answered yes to any of these questions, you are not alone

Many organisations face these challenges on a day-to-day basis, even with well-established procurement and management teams in place. 

A Managed Service Provider can address these challenges, in turn: 

What is a managed service provider? 

A Managed Service Provider (MSP) optimises the process of acquiring contingent labour, such as contractors, project-based consultants, and temporary employees. Their extensive range of services encompasses everything from talent sourcing and screening to overseeing blended workforce management. 

A skilled MSP partner customises their approach to match your company's culture, core values, and recruitment goals. They excel in developing personalised talent acquisition strategies and providing continuous support that aligns with your organisation's unique hiring and retention needs. This alignment creates a strong partnership and ensures the right solution is delivered, whether it’s an Enterprise MSP, Hybrid MSP, or Neutral Vendor MSP. 

Why consider an MSP for your contingent workforce recruitment and management? 

Partnering with a Managed Service Provider offers many benefits that address common contingent talent acquisition and management challenges. Here are some key reasons why companies might choose this strategic approach: 

1. Decentralised workforce oversight affecting workforce optimisation spend 

A decentralised workforce oversight model can lead to increased complexity and inefficiencies, often resulting in higher costs and less effective resource allocation. When different departments or regions oversee their contingent workforce recruitment and management independently, there may be inconsistencies in processes, compliance issues, and a lack of centralised data. This fragmented approach can also complicate tracking and controlling expenditure, making it difficult to achieve growth and streamline operations. 

Engaging a Managed Service Provider (MSP) can address these challenges by offering a unified, centralised management system. 

 MSPs bring expertise in: 

 By providing a comprehensive oversight mechanism, MSPs help organisations maintain control over their contingent workforce, reduce costs, and improve efficiency, thus justifying the investment in their services. 

2. Limited access to the latest talent acquisition and management technology 

Limited access to the latest talent acquisition and management technology can significantly hinder an organisation's ability to effectively recruit and manage a contingent workforce. Without cutting-edge tools and platforms, including Artificial Intelligence (AI), companies may struggle with inefficient recruitment processes, poor candidate experiences, and inadequate data analytics. These challenges can lead to suboptimal hiring decisions and longer time-to-fill rates. Moreover, staying updated with the rapidly evolving technological landscape requires substantial investment and expertise that many organisations lack.

Partnering with a Managed Service Provider (MSP) offers a strategic solution to this challenge. MSPs specialise in: 

By leveraging an MSP's access to innovative technology, companies can enhance their talent acquisition strategies, optimise resource allocation, and maintain a competitive edge. 

3. Challenges with contingent workforce compliance and governance 

Managing compliance and governance for a contingent workforce presents significant challenges, especially in today's complex regulatory environment. Organisations must navigate various local, national, and international laws and regulations concerning labour, taxes, data privacy, and more. This task becomes even more daunting when contingent workers are spread across multiple jurisdictions, each with its unique set of rules. Inadequate compliance can lead to severe consequences, including fines, legal disputes, and reputational damage. 

Engaging a Managed Service Provider (MSP) can mitigate these risks by providing specialised expertise in contingent workforce compliance and governance. MSPs are well-versed in the latest regulations and best practices, ensuring that all processes are standardised and compliant. They offer: 

These components help protect organisations from compliance breaches. By partnering with an MSP, companies can focus on their core business activities, confident that their contingent workforce is managed according to the highest standards of compliance and governance. 

4. The need for better Third-Party Vendor (TPV) engagement and management 

Effective Third-Party Vendor (TPV) engagement and management is crucial for organisations that rely on a contingent workforce. However, many organisations struggle with this TPV engagement and management because of the complexity and scale of vendor networks. Without a strategic approach, organisations may not leverage vendor relationships to their full potential, such as negotiating better terms or tapping into specialised skills. Poor vendor management can lead to inconsistencies in service quality, lack of transparency, and inefficient processes, which ultimately affect the organisation's ability to secure top talent quickly and cost-effectively.

A Managed Service Provider (MSP) can greatly enhance TPV engagement by providing a centralised management system that standardises interactions, enforces compliance, and optimises vendor performance. MSPs bring expertise in: 

By utilising an MSP, companies can streamline vendor relationships, improve service quality, and gain better visibility and control over their contingent workforce, leading to more efficient and cost-effective operations. 

5. Delays and downtime in the recruitment process 

Delays and downtime in the hiring process can significantly impact on an organisation's productivity and ability to meet business objectives. These issues are often exacerbated in the context of a contingent workforce, where the need for timely and specialised talent is critical. Inefficient recruitment workflows, extended time-to-hire, and gaps in staffing can disrupt project timelines, increase operational costs, and strain existing team members.

A Managed Service Provider (MSP) can address these challenges by streamlining the recruitment process and reducing downtime. MSPs leverage: 

These help MSPs to quickly identify and onboard qualified candidates. They also implement efficient processes and best practices that minimise delays and ensure a seamless hiring experience. By partnering with an MSP, organisations can reduce time-to-hire, enhance workforce agility, and maintain continuous productivity, thereby gaining a competitive advantage in rapidly changing markets. 

6. Requiring support to scale operations 

As businesses grow and evolve, the ability to scale operations efficiently becomes a critical factor for success. Scaling up not only requires increasing the workforce size, but also ensuring that the right talent is in place to support new initiatives, expanded markets, and increased production. This challenge is particularly pronounced with a contingent workforce, where the need for flexibility and rapid deployment is essential.

Engaging a Managed Service Provider (MSP) can provide the support needed to scale operations effectively. MSPs offer extensive experience in managing large, diverse workforces and can quickly adapt to fluctuating staffing needs. They bring: 

By utilising an MSP, organisations can seamlessly scale their operations, ensuring that they have the right skills and resources available at the right time. This partnership allows businesses to focus on core strategic objectives, confident that their workforce can expand and contract in line with their operational demands. 

7. Specialists needed for niche hiring 

Niche hiring, particularly in specialised or highly technical fields, presents unique challenges for organisations. This niche hiring often requires access to a limited pool of potential candidates with specific skills and expertise. Finding and attracting such specialists can be time-consuming and costly, especially if the organisation lacks internal expertise in these areas. This is where a Managed Service Provider (MSP) can be invaluable.

MSPs specialise in contingent workforce recruitment and management. MSPs: 

These resources support them in quickly locating and engaging hard-to-find candidates and ensuring competitive offers. By leveraging an MSP's resources and expertise, organisations can efficiently fill niche roles, ensuring they have the critical skills needed to drive innovation and maintain a competitive edge in their industry.   

Is a Managed Service Provider the right solution for your organisation?    

Organisations facing the challenges above may require support with contingent workforce acquisition and management. Managed Service Provider solutions are completely customisable, providing you with the most appropriate support to suit your needs. A proficient MSP partner strives to understand your company’s culture, principles, and business goals, developing a strategic partnership with your organisation that can last for years.    

Partnering with a Managed Service Provider offers numerous advantages, including cost savings, scalability, better regulatory compliance, mitigated risks, and specialised expertise. These benefits can support your organisation in navigating the complexities of contingent talent acquisition and management and enable you to secure the right talent at the right time.